Consumer Spending Rose By Most In 3 Months Driven By Higher Energy Costs

For the third month in a row, personal spending missed Bloomberg's median expectation. However, as incomes rose 0.4% in June so spending also rose 0.4% - its best MoM rise in 3 months. The biggest MoM rise was in energy goods and services (+1.67% MoM - the biggest rise this year) - hardly the things sustainable recoveries are built on.

The personal savings rate was flat MoM at 5.3% - the same 'peak' level it hit in the middle of 2013.